Hey Pandas, What Is The One Advice You Would Give To Your Past Self When You Were Buying Your First Home?
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They say hindsight is 20/20. Warning signs can seem glaringly obvious when we’re looking back but they appeared to be totally invisible when we were standing in front of them.
So if you could go back for a moment and talk to yourself when you were deciding to buy that first house/flat, not knowing what you know now, what would you say?
They say hindsight is 20/20. Warning signs can seem glaringly obvious when we’re looking back but they appeared to be totally invisible when we were standing in front of them.
So if you could go back for a moment and talk to yourself when you were deciding to buy that first house/flat, not knowing what you know now, what would you say?
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Hire industry specific inspectors! Get a plumber to do a whole house inspection, electrician, hvac, foundation, roof, etc. Many companies offer credit in the amount of the inspection fee if you make any of the repairs. Our 'professional' inspector missed a LOT.
Take. Your. Time. The market always looks like it is against you when it's yours, but it's all statistics. Get a good realtor that will help YOU make YOUR decisions, not someone who wants to make a sale. Try to go with a bank, or a lender that backs their own money. Brokerages will try to get you in and out and will sell your loan to someone else based on the interest rate you pay -- that's how they make their money.
Don't buy a house just because someone (even someone you trust) says it's a good idea. What do YOU need in a house? How much resources are YOU willing to devote to it's upkeep? Home ownership is a big responsibility, so ask yourself if YOU are up to the challenge or even want to be.
Find out the max amount the bank will lend you for a mortgage, and cut that by 1/4 and stay at that max amount. Also when planning payments plans, go for a 5 year closed (meaning the rate can't change for five years) and look to bi-weekly payments. An extra pay every year means you pay it off quicker.
Many people are going to give inspection advice and common things to look for. After buying and selling 3 different homes in 10 years these are my main non-obvious blunders that I never expected. Try the water pressure. Theres not too much you can do to change it after the fact. Hangout in the neighborhood at random hours. Just park your car and sit with the windows down. You wouldn’t believe the regular noise occurrences that can drive you insane over time. Also this gives you an opportunity to gauge other nuisances like smell/bugs. Outdoor time is less fun when there’s standing water in the area breeding ungodly amounts of mosquitos. Take note of shade trees near the house- lack of afternoon shade can blow your summer energy costs through the roof or make it a hot box. Figure out your work routes- make sure it’s tolerable. That one lane road you have to take can become a nightmare every day if you have tractors or Amish in the area. I have others but there’s a character limit.
Hire industry specific inspectors! Get a plumber to do a whole house inspection, electrician, hvac, foundation, roof, etc. Many companies offer credit in the amount of the inspection fee if you make any of the repairs. Our 'professional' inspector missed a LOT.
Take. Your. Time. The market always looks like it is against you when it's yours, but it's all statistics. Get a good realtor that will help YOU make YOUR decisions, not someone who wants to make a sale. Try to go with a bank, or a lender that backs their own money. Brokerages will try to get you in and out and will sell your loan to someone else based on the interest rate you pay -- that's how they make their money.
Don't buy a house just because someone (even someone you trust) says it's a good idea. What do YOU need in a house? How much resources are YOU willing to devote to it's upkeep? Home ownership is a big responsibility, so ask yourself if YOU are up to the challenge or even want to be.
Find out the max amount the bank will lend you for a mortgage, and cut that by 1/4 and stay at that max amount. Also when planning payments plans, go for a 5 year closed (meaning the rate can't change for five years) and look to bi-weekly payments. An extra pay every year means you pay it off quicker.
Many people are going to give inspection advice and common things to look for. After buying and selling 3 different homes in 10 years these are my main non-obvious blunders that I never expected. Try the water pressure. Theres not too much you can do to change it after the fact. Hangout in the neighborhood at random hours. Just park your car and sit with the windows down. You wouldn’t believe the regular noise occurrences that can drive you insane over time. Also this gives you an opportunity to gauge other nuisances like smell/bugs. Outdoor time is less fun when there’s standing water in the area breeding ungodly amounts of mosquitos. Take note of shade trees near the house- lack of afternoon shade can blow your summer energy costs through the roof or make it a hot box. Figure out your work routes- make sure it’s tolerable. That one lane road you have to take can become a nightmare every day if you have tractors or Amish in the area. I have others but there’s a character limit.
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